The Business Times

South Korea: Stocks gain as Powell lifts growth optimism, battery makers surge

Published Mon, Apr 12, 2021 · 09:58 AM

[SEOUL] Round-up of South Korean financial markets: South Korean shares rose on Monday, driven by battery makers after SK Innovation and LG Chem agreed on a dispute settlement over EV battery technology, while the Fed chairman flagging prospects of stronger US growth lifted sentiment globally. The Korean won weakened, while the benchmark bond yield rose.

The benchmark Kospi rose 9.80 points, or 0.31 per cent, to 3,141.68 by 00:32 GMT.

Among heavyweights, technology giant Samsung Electronics rose 0.12 per cent and peer SK Hynix fell 1.07 per cent, while Naver climbed 1.69 per cent.

Shares of SK Innovation Co rose 16.8 per cent while LG Chem Ltd shares climbed 4.1 per cent after the South Korean battery makers agreed on a 2 trillion won (S$2.4 billion) dispute settlement over electric-vehicle (EV) battery technology.

The US economy is at an "inflection point" with expectations that growth and hiring will pick up speed in the months ahead, Federal Reserve Chairman Jerome Powell said.

Foreigners were net sellers of 96.8 billion won worth of shares on the main board.

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The won was quoted at 1,121.6 per US dollar on the onshore settlement platform , 0.04 per cent lower than its previous close at 1,121.2.

In offshore trading, the won was quoted at 1,121.6 per US dollar, down 0.1 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,121.1.

The Kospi has risen 9.33 per cent so far this year, and gained 1.0 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 286.85 million shares. Of the total traded issues of 900, the number of advancing shares was 413.

The most liquid 3-year Korean treasury bond yield rose by 0.1 basis points to 1.170 per cent, while the benchmark 10-year yield rose by 0.7 basis points to 2.037 per cent.

REUTERS

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